Azerbaijan, Baku, 14 Feb. / Trend E.Ismayilov /
Azerbaijan, considering the amount of its economy and foreign exchange reserves, has the right to claim for the position of the regional capital market, the managing director of one of the world's largest commercial banks, Goldman Sachs, Halil Emecen told journalists in Baku.
According to him, development of the domestic capital market always takes time. This process is based both on desire and support of the state, and on presence of its members and their business interests.
In any case, according to Emecen, development of the domestic capital market is an essential factor in formation of internal funding sources for local companies and for those who are in need of financial resources. One can not look at this process as a project with the potential for quick implementation, Emecen said.
"This is an inevitable process for Azerbaijan. Capital market development is inevitable and fueled by economic growth of the country, as well as the availability of foreign exchange reserves. Given Azerbaijan's position, the size of its economy and resources, the country has the right to claim for the position of the regional capital market. All resources and conditions for that are available," Emecen said.
According to him, today's capital markets have great horizons and possibilities, and this is due to the fact that at present, most banks in the world implement the policy of zero interest rates, therefore, investors are in search of opportunities. Also, given the strong macroeconomic position, the rating of Azerbaijan and its position in the world, the country has a good chance to take loans at very low interest rates.
Speaking of the formation of local investment companies in Azerbaijan, Emecen mentioned availability of infrastructure of the domestic stock market and strong professional participants to be an indisputable factor in successful development of the market.
"Our experience shows that in all countries where we work, availability of strong professional participants, including investment companies, is a necessity, as local partners may help develop these or other options, based on knowledge of the local market and other factors. Therefore, a successful work will be based on interaction of local and global partners," Emecen said.